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Keith owns three partnership interests that are passive activities. He sells Partnership 3 and realizes a loss of $8,000. His income is:

Form W-2 wages $30,000
Schedule C proprietorship 20,000
Partnership 1 5,000
Partnership 2 -2,000
Partnership 2 loss carryforward -3,000
Partnership 3 loss on sale -8,000

What is Keith's total income?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92721513

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